IslamicFinance.

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Executive News 2007, Issue No. 24
Islamic Finance in Minority Areas
Islamic Bank of Britain

Islamic Banking
S&P, BFH, DIB, International Etihad Islamic Bank, QIB, Eamar International, ADIB, Bank Turan Alem, Emirates Bank, Great Lakes Islamic Bank, Amlak, Tamweel, DP World, Ithmaar, Al Salam, GIH, SIB, Bahrain Islamic Bank, Sourthern Sudan, KFH, IIB, Sahab Al Khaleej Real Estate Co., Manazel Real Estate, First Gulf Bank, Dar Al Arkan, Kingdom Installment Co. DBS, Islamic Bank of Asia, First Dawood Islamic Bank, Habib Bank, State Bank of Pakistan, Bank of East Asia, Amana Investments Limited, Central Bank of Malaysia

Michael Gassner Consultancy Ltd.

Fixed Income (Sukuk, Syndication)

Editorial
Dear Readers,
As salamu alaikum, Again a very active time: The first Islamic bank in Singapore; and also a number of banking steps in the African continent beside new movement in Pakistan and also in Kazakhstan. Islamic finance is getting ground in new regions and housing finance is obviously gaining ground in the Middle East. BTW: If you are not yet receiving your own copy, just subscribe for free at www.islamicfinance.de Best regards wa salaams, Michael Saleh Gassner

S&P, Debt Issues, Moody's report, Al Imtiaz, Etihad Airways, Tadawul – Sukuk Trading Centre, SAAD Group, Sabic/Gas, Al Hamad Group, DIB, ABC Islamic, ILIC, Saudi Electricity, Barwa Real Estate, EIB, Bahrain Islamic Bank, Sorouh Real Estate MBB Sukuk, Malakoff, Haisan Resources, Lekas, Bank Muscat, Kazakhstan,

Wealth Management
Sharia Indexes, Bahrain Islamic Bank, IIB, ABN Amro, DIB, Daman, Emaar, Kotak, Parsoli, Bank Muscat

Takaful
Bank Islam, Takaful International, Takaful Ihklas, Amana Takaful

Distribution Partners:

© Michael Gassner Consultancy Ltd., 68 Lombard Street, London, EC3V 9LJ, United Kingdom We made every effort to ensure the accurateness of the herein enclosed information. However we could not accept any legal responsibility whatsover for consequences may arise. Especially we do not take over so for any hyperlink given in this newsletter which is referring to third parties. Copyright notice: This publication might be copied, duplicated, stored in whole without prior permission. It may not be distributed partly or against fees without prior written permission nor changed. Phone: +44 207 868 1717 Fax: +44 207 868 1817 Subscription: Free of charge – www.islamicfinance.de - Advertising: gassner@islamicfinance.de

Plans for acquisition are in talks stage and could be possibly concluded by mid next year according to Saadat Muzaffar. Ahmed Darweesh Dagher has said. Issue No. Sabanews. is progressing according to Saleh Kamel. The bank will start operations early next year with a mandate to invest in projects that create jobs and economic developments within Muslim communities. was released on 8 May via Ameinfo. The bank opened in total 8 branches in UK and offers internet services. Head of International Wealth Management told Reuters. The remaining 65 % would be floated for public subscription. opened on 2 May the Phase I of the Bahrain Financial Harbour.com on 20 April that Abu Dhabi Islamic Bank plans to build an airport and a hotel on one of Uganda's islands the bank's managing director. while its assets reached GBP 120 mn by the end of December 2006. The bank might be based in Saudi-Arabia. prime minister of Bahrain. Executive News 2007. 24 – Page 1 Islamic Bank of Britain Islamic Bank of Britain held its General Assembly meeting end of April and announced an increased deposit base of GBP 83 mn (+ 75 %). reported the Khaleej Times on 4 May. Yementimes put the paid up capital at USD 10 bn. UAE. Harriette Onyalla wrote on allafrica. The Islamic finance industry shall be around USD 500 bn.net named the bank planned "International Etihad Islamic Bank" with a "total cost" of YR 20 bn equivalent to USD 100 mn. Shaikh Khalifa ibn Salman Al-Khalifa. Rob Corder reportedon 2 May on Arabianbusiness. reported Ameinfo on 1 May. Abu Dhabi Islamic Bank discusses internally the takeover of Egypt's National Bank for Development. The bank is the only offering Islamic banking only and has been authorised to operate in other European countries. According to Arab News on 25 April ten Saudi businessmen have agreed to establish an international Islamic bank in Yemen with a capital of USD 10 bn (!?) in association with their counterparts in Yemen and other Gulf countries. Saleh Kamel disclosed to Asharq Al Awsat that financial commitments have been received from across the Ilsamic world to set up the bank with a paid up capital of USD 100 bn. Islamic banking GCC S&P Statistics Standard & Poors named some figures of the industry according to Gulf Daily News on 2nd May. with a growth rate of 10 % for the last decade. reported Reuters on 2 May without further details. S&P also launched a series of Sharia compliant GCC stock market indexes. Bahrain or Malaysia.de Dear Reader. president of the Islamic Chamber of Commerce. Market share of Islamic banks in the GCC shall be about 17 % and in Malaysia 12 %. BFH DIB in Syria DIB plans for Turkey new bank in Yemen QIB in Sudan Eamar International ADIB takeover JSC Bank TuranAlem ADIB in Uganda . which some of them it has started regulatory negotiations. According to Gulf Times on 25 April S&P projects a market size of USD 4 trillion within 5 years. DIB says it is seeking to finalise the licensing procedure for the new bank. Dubai Islamic Bank has received approval from the Syrian authorities to establish an Islamic bank in Syria. The bank shall focus on project finance and investments according to Peninsula on 30 April. Also The Great Lakes Islamic Bank in Africa with its headquarters in Kampala were announced. The paid-up capital of the proposed bank will be USD 500.IslamicFinance. representing a 32 % growth. Qatar Islamic Bank signed a Memorandum of Understanding with the Central Bank of Sudan to explore the possibility of establishing a bank in Sudan with an authorised capital of USD 1 bn. Eamar International Bank. Dubai Islamic Bank is considering to buy a financial institution in Turkey or planning its own operations.000. JSC Bank TuranAlem and Emirates Bank Group signed a Memorandum of Understanding that through the subsidiary Emirates Islamic Bank tied up for the development of Islamic finance. head of the Yemini-Gulf-Business Forum. The founders of the International Islamic Union Bank (IIUB) will subscribe to 35 % of the capital. according to Shihab Al-Azazi. reported Peninsula on 29 April.

The bank's assets grew by 9. Dubai Ports World. Amlak Finance. Net income for the first quarter plunged 35. Dubai Investment Group. reported Arabianbusiness on 24 April. are unable to comply with the requirement to provide purely conventional banking services.9 mn compared to USD 9. Gulf News reported on 20 April on 10. Kuwait. reported Albawaba on 17 April. The company shall focus on the mid-tier residential property market. started its property venture "Sahab AlKhaleej Real Estate Co. The Government of Southern Sudan aims to introduce a conventional banking system and is not going to authorize Islamic banking in Southern Sudan. and include Emaar Properties. Issue No.55 % drop in net profits for DP World due to costs related to P&O acquisition. 24. Dubai Holding. Al Salam Bank. Ahmad Hussein Amiri has been appointed directorgeneral of the company reported Ameinfo on 3 May. Kuwait Finance House plans to set up a unit in Algeria cited Safura Rahim. reported Khaleej Times on 29 April.IslamicFinance.4 % to USD 3. Gulf News were told by Sultan Bin Nasser Al Suwaidi on 26 April. the issuer of the convertible DP World Sukuk should be considering selling a minority stake cites The News Pakistan London's Times and should have hired Deutsche Bank and Dubai based Shuaa Capital as advisers. reported Khaleej Times on 2 May. AlSafwa Group. If the banks. Southern Sudan KFH in Algeria? IIB Sahab Al-Khaleej RE Amlak Syria. Sharjah Islamic Bank has set up a property arm called ASAS Real Estate in line with their diversification strategy. such as Omdurman National Bank.3 mn in fee income.4 mn. Kuwait and Amjad Company.1 % return on equity.2 mn representing a 15. reported Arab News on 25 April. Founding shareholders hold 65 % of the paid up capital. Therefore Amlak and Tamweel cannot currently receive a banking license and forced to raise funds through other means. Bahrain-based Ithmaar Bank said that first quarter profits increased more than 3x on higher income of investments amounting ot USD 32. Lebanese Canadian Bank. The bank was established on 19 January 2006 with an authorised capital of BD 120 mn as an Islamic bank. or any others. Arabianbusiness on 9 May Al Seyassah Kuwait. Bahrain reported a quarterly net profit of BD 5. The authorized capital of the company was increased to 50 mn BD from 20 mn BD. A number of Islamic banks had indicated that they would withdraw from the Souther Sudan. Dubai posted its second-smallest quarterly profit in two years after delays in property projects restricted revenue growth.4 % to Dh 24 mn. reported Albawaba on 29 April. The financing for this housings shall include Islamic financing. they will be obliged to cease operating. Qatar. Bahrain. DP World Ithmaar Bank Al Salam Bank GIH Bahrain Islamic Bank Bahrain Islamic Bank was rated at national scale entity credit rating for medium to long term at BBB (Triple B) and for short term at A-2 (A two) and International scale entity credit rating for medium to long term at BBB.Page 2 The UAE Central Bank does not plan to issue new bank licenses to finance companies in the near future.de UAE licensing policy Executive News 2007. Income from investments surged to USD 43. Faisal Islamic Bank and Farmers Bank. Housing finance International Investment Bank (IIB). Al Salam Bank Sudan and Dubai Islamic Insurance and Reinsurance Company (Aman).(Triple B minus) and for short term at A-3 (A three) with positive outlook by the International Islamic Rating Agency. considered to be underserved as other developers focus on luxury or affordable housing.6 mn from USD 709. Saudi-Arabia. Egypt and Morocco. Chairman Faisal Abdullah Al-Khazam of Gulf Investment House addressed the Annual General Meeting of shareholders and explained the strategy of growth through expansion in the Middle East.000 a year earlier and earned USD 5.5 bn. Saudi . Bank of Kharthoum. wrote Sudan Tribune on 21 April. after it starts operations in Egypt and Saudi-Arabia. such as First Investments. The company plans to apply for licenses to sell mortgages in Syria and Pakistan." after its strategic investors. Pakistan Egypt. Global Investment House. Amlak.

IB Asia will originate and distribute wealth management and capital market instruments for corporate and private banking clients in the Middle East and Asia. Hong Kong's third biggest publicly traded bank. wrote Soraya Permatasari and Chia-Peck Wong on Bloomberg on 25 April. Dr Abdul Sattar Abu Ghuddah and Dr Mohd Daud Bakar. Egypt and Morocco. the developers each 20 %. . The Sharia Board consits of Sheikh Nizam Yaquby. FGB holds a 40 % stake. has partnered with Muslim Aid to offer Microfinance using Murabaha and Mudaraba modes of finance. will raise its stake in Malaysia's Affin Holding to 25 %. On the conventional side the bank plans to open 12 international branches including outlets in Bangladesh. reported The News Pakistan.pk on 24 April. The company would focus on Saudi Arabia. Dr Mohamed Elgari. The Chairman Mohammed Al Qubaisi told reporters that more than 70 % of all real estate projects in the UAE in the next few years would concentrate on creating midrange housing projects. Sourouh Real Estate and Reem Investments has launched an Islamic finance company "Aseel Finance" to offer mortgage and real estate development finance capitalised with Dh 500 mn. The initial paid up capital will be USD 418 mn with DBS contributing UD 250 mn representing an initial stake of 60 %. The company targets a mortgage in Abu Dhabi and elsewhere figured at Dh 4-5 bn p. First Dawood Islamic Bank plans to open 19 branches by 2008 to tap rising demand.com. while hedging currency risk in with Sharia compliant instruments. FGB Sourouh Real Estate Dar Al Arkan DBS Islamic Bank of Asia First Dawood Islamic Bank Habib Bank Habib Bank plans to open 10 Islamic banking branches across five cities in Pakistan. The programme will serve the whole community and not be based on any religious or ethnic programme. Amana Investments Microfinance Amana Investments Limited. Muslim Aid will train the entrepreneurs. which received approval from the Monetary Authority of Singapore for a full banking license. Kuwait. Sri Lanka. 24 – Page 3 Abu Dhabi based property developer Manazel Real Estate said it plans to invest more than USD 11 bn in the Middle East and North Africa to tap growing demand for mid-range housing. reported Khaleej Times on 2 May. Habib Bank is owned 51 % by the Aga Khan Foundation.IslamicFinance. reported Khaleej Times on 2 May. Islamic Banking Asia DBS as majority stakeholder and 22 Middle Eastern investors are the founding shareholders for the Islamic Bank of Asia (IB Asia). Aldar Properties. State Bank of Pakistan allowed Islamic Banking Institutions (IBIs) to invest in share markets of the country on the basis of Mudaraba and Musharaka and to enter into cross border transactions. reported Lanka Business Online on 26 April. The First Gulf Bank (FGB) in association with three Abu Dhabi real estate developers. State Bank of Pakistan Bank of East Asia Bank of East Asia. released DBS on 9 May on Ameinfo. Geneva. planning a new USD 533 mn company specialised in housing finance in the Kingdom of Saudi Arabia Menafn reported on 8 May based on the Saudi Press Agency. giving it greater access to the nation's Islamic banking market. After the second closing the capital shall be USD 500 mn and DBS’s stake 50 % plus one share. Turkey and Tajikistan. It is close to finalise a minory stake in Kyrgyz Investment & Credit Bank in Bishkek. reported app.de Manazel RE Executive News 2007 No. The financing for this housings shall include Islamic financing. Qatar. Further in January it took a 4 % stake in Diamond Trust Bank Kenya for 5 mn USd to expand in Tanzania and Uganda. It holds the sixth Islamic banking license in Pakistan. Dar Al Arkan and the Kingdom Installment Co. The bank has itself 3 branches in Kenya. Kyrgyzstan.a.

The total assets of the Malaysian Islamic banking system at end 2006 accounted for RM 133 bn or 6. Kuwait News Agency names on 15 April Munshaat Real Estate Projects Company for the same or similar project. Gulf News reported on 3 May that Gulf companies are expected to raise USD 40 bn through debt issues during 2007. Citi and Abu Dhabi Commercial Bank will act as mandated lead arrangers and joint bookrunners for a consortium. Islamic financing in Malaysia accounted for 13. The UAE accounted for 83 % of the total corporate debt issuance.2 trillion. Moody's report "Family-Owned Corporates in the GCC" looked into four areas. USD 75-150 mn Sukuk offering. issuers and intermediaries with independent research. 24 .together accounting for 72 % of total debt issues. As such the number of branches of Islamic bankis increased from 766 at end of 2005 to 1167 at end of 2006. rely on short term funding. The UK government discusses its first ever Sukuk issue in regard to the potential advantages and feasibility.46 bn (USD 400 mn) Islamic lease facility to finance four Airbus. while Saudi Arabia. the number of authorised banks from 6 to 10 compared to 22 conventional commercial banks and 14 conventional investment banks. the practice will gradually change.com/smeisfi Standard & Poors plans to open an office in Dubai to provide Gulf investors. It is said that with the development of regional capital market and Islamic financing gaining momentum.IslamicFinance. Project finance requirements exceed USD 1. using uncommitted lines of funding to meet potential short term liquidity needs resulting in a source of uncertainty.2 bn of the financial system. 22/23 May: http://www. It said that family owned enterprises are even worse. information and benchmarks. Dubai Ports and Taqa . S&P opens office debt issues in the Gulf Moody's Report Family Owned Companies Al Imtiaz UK Gov Etihad Tadawul Sukuk Trading Centre . capital structure and liquidity and analytical considerations. accounting and transparency issues. reported Gulf News on 2 May. was released on 9 May via Ameinfo. Arabianbusiness cited Al Wasat Newspaper from Bahrain that an investor group consisting of Aref Investment Group. The Islamic bond market accounted for 31. Al Imtiaz mandated Liquidity Management Centre and Islamic Investment Bank to launch its 3-year.2 % of total bank lending. Standard Chartered Bank. typical corporate structures. The Gulf raised USD 18. an increase of 100 % according to projections by Moody's.2 bn in debt issues in 2006 with Islamic sector contributing about 40 %.4 % of the total assets of RM 2091. Kuwaiti and Qatari firms had received final approval from Bahrain's Central Bank to establish the Sukuk Trading Centre called Tadawul.2 % of total banking assets at end 2006. which often depended on the strength of their banking relationships rather than any contractual committment. which aims to enhance transparency and help accelerate the development of deep and efficient capital markets.de Executive News 2007 No.euromoneyseminars. reported Albawaba on 23 April.3 %.Page 4 Malaysia statistics The Central Bank of Malaysia published statistical information according to Kazinform on 23 April. Islamic banks only have 329 ATMs compared with 4869 for the conventional commercial banks and had 5151 employees compared with 91741 for the conventional commercial sector.euromoneyseminars. Etihad Airways has signed the a Dh 1. First Gulf Bank. Kuwait and Qatar had shares of 7.2 % of total bank deposits and Islamic banking assets accounted for 12. Qatar National Bank. 6 and 4 % respectively.com/syndisfi Securitisation. which includes as mandated lead arrangers ABC Islamic Bank. The UAE is dominated by issues from Nakheel. Many companies cites Gulf Times on 30 April. Islamic banking deposits accounted for 12. reported Safura Rahimi in Arabianbusiness based on Reuters on 24 April. Fixed Income Events: Syndication. Malaysia's offical target is 20 % by 2010. 21/22 May: http://www.

National Commercial Bank. Among the financial instititions named are Banque Saudi Fransi as financial advisor and lead arranger. Barclays Capital and Dubai Islamic BAnk operate as lead arrangers for the deal. Middle East (15 %) and Europe (24 %). Arab National Bank and Gulf International Bank. revolving Murabaha facility for Kuwait's International Leasing & Investment Company (ILIC).8 mn international commodity Murabaha agreement as a placement agent on behalf of the participating banks in favour of Al Khaleej Development Company (Tameer). No. and the Middle East. Investors came from Asia (61 %). reported Khaleej Times on 24 April. Riyad Bank. reported Gulf Times on 30 April. A first Sukuk of USD 350 mn might be sold in May arranged by Standard Chartered Plc. Saudi-Arabia is set to price its 5 year Sukuk at 80 to 85 basis points above LIBOR a source at arranging bank BNP Paribas said according to Khaleej Times on 1st May. 24 – Page 5 SAAD Group. reported Gulf News on 23 April. develop and own seven hotels at a cost of QR 454 mn in Switzerland and Belgium. reported Gulf Daily News on 12 April. The finance facility shall be Sharia compliant.1 % stake in HSBC via Singularis Holding worth USD 6.5 bn Murabaha facility.IslamicFinance. Nakheel is looking to raise USD 1. 5 year amortising. The subordinated bank qualifies as Tier 2 capital for Malayan Banking Berhad and is rated BBB+ by Fitch Ratings and S&P and Baa1 by Moody's. The issue was oversubscribed 7 times. Saudi Hollandi Bank. SAAD Group would lease land in Saudi Arabia to Golden Belt. Barwa Real Estate company is to refurbish. Emirates Bank International. Emirates Islamic Bank. The shareholders also approved a dividend of 0. got listed on the Labuan International Financial Exchange and structured on a 10 Non-Call 5-year basis due in 2017 but callable with step-up in the profit rate in 2012. Sabic affiliate National Industrial Gases Company (GAS) signed a SR 1.38 bn project at Dubai International City. HSBC and UBS Investment Bank as Joint Lead Managers and HSBC as International Trustees on the issuance of a USD 300 mn subordinated Sukuk by Malayan Banking Berhad ("Maybank") reported Lawfuel on 27 April. Sabic (GAS) Al Hamad ILIC Saudi Electricity Barwa RE Nakheel EIB Tameer Sorouh RE MBB Sukuk . The syndicate consits of eigh local and Gulf banks to finance expansion projects. reported Gulf Daily News on 24 April. has been released on 29 April via Ameinfo. Arab Petroleum Investments Corp. Any price guidance was not given. GM of corporate and investment banking told Reuters.6 bn. Moody's assigned a Baa1 rating to the Sukuk and S&P BBB+. which is selling the Sukuk. reported the Exchange Handbook on 27 April. The MBB Sukuk Inc. will use the funds to buy stakes in financial institutions in Asia. the Islamic unit. is seeking to sell as much as USD 1 bn of Sukuk to finance acquisitions and expand retail banking. approved to sell Sukuk to finance the investment plans The state-controlled company has said 150 bn riyals of investment is needed in the next decade to cope with rising demand for electricity. according to The Edge Daily on 19 April.7 riyals for 2006. SAAD Group owns a 3. Samba Financial Group. Dubai Islamic Bank and Al Hamad Group signed AED 735 mn finance facility agreements for the new AED 2. which is renewable for a similar period. Bahrain Islamic Bank signed a BD 4. The company made a first quarter net loss of 434 mn riyals. a Bahrain based SPV. Fixed Income SE Asia Linklaters has advised Aseambankers.5 bn Islamic finance facility for projects in the Emirates. (Apicorp). The facility has been fully underwritten by ABC Islamic Bank. The shareholders of Saudi Electricity Co. ABC Islamic Bank is the sole mandated arranger for a USD 100 mn. Abdulla Showaiter.de SAAD Executive News 2007. The finance is provided for 6 month period. The Abu Dhabi based Sorouh Real Estate seeks more than USD 1 bn Islamic finance facilities from local and international banks cites Menafn on 9 May the CEO of the company. reported Khaleej Times on 22nd April. The SAAD Group is owned 90 % by Maan Al Sanea and 10 % by his wife Sana alGosaibi. Europe.

The projected Internal Rate of Return (IRR) on the investment is said to be in excess of 10. Aseambankers Malaysia Bhd. Economic Times India reported on 20 April. followed by FTSE in 2000. the other portion of RM 633 mn shall arise from a junior Istisna issue and be used to repay older debts incurred by the highway project. Islamic Wealth Management Cagamas Haisan Lekas Bank Muscat Kazakhstan Sharia Indexes Standard & Poors creates a Sharia compliant GCC index for each GCC country. firstly catered by Dow Jones Indexes in 1999. with a cash yield of 7 % pa. The note offers exposure to an actively managed fund investing in liquid real estate assets. The IRMBS. Bank Muscat is looking at helping Indian companies to raise funds via Sukuk. has already started a roadshow for the RM 1. Germany valued at USD 98 mn. reported Business Times on 4 May. ABN Amro launched a Real Estate Capital Protected Note. which has returned on average 30 % pa over the last 3 years.de Malakoff Executive News 2007. S&P relies on Ratings Intelligence to ensure the Sharia compliance is said. Bank Muamalat Malaysia Bhd is the co-arranger of the programme. have been accorded AAA (ID) rating by Malaysian Rating Corp Bhd and AAA by Rating Agency Malaysia Bhd. Malakoff Corp is the largest independent power producer in the country. The construction cost is estimated at RM 900 mn to be part financed by the RM 785 mn proceeds from the senior Istisna Sukuk sale. 15 and 20 years. AmInvestment Bank Bhd. Lekas will also issue a RM 240 mn convertible loan stock and RM 50 mn redeemable loan stocks. Izwan Idris reported on 26 April in The Star Malaysia that Lekas aims to raise RM 1. such as screening out companies involved in weapons and defense and music indutry. 10. Seekingalpha covered the story on 26 April as also MSCI Barra plans to enter the Sharia compliant index market.9 bn of Senior and Junior Sukuk fully taken up by local and foreign financial institutions and investors in order to complete the leveraged buyout by MMC Crop Bhd. No. International Investment Bank (IIB) announced its acquisition of commercial real estate portfolio in Munich. reported Albawaba on 1 May. five. reported Business Times on 3rd May. 12. Bahrain Islamic Bank plans a real estate investment fund with Capital Partners to undertake hotel development and management in Mecca and Medina. Bahrain Islamic Bank IIB German RE ABN Amro RE protected Note .IslamicFinance. hotels and tv (MSCI). Semenyih and Seremban.42 bn Sukuk Istisna papers with maturities ranging from 7 to 15 years. the AMRO Asset Management Global Properties Securities Fund. ABN offers intraday liqudity on bid/offer spread basis. seven. CIMB Investment Bank and HSBC Bank Malaysia Bhd will act as joint lead managers. reported Gazeta.12 % pa over an investment horizon of 5 years. CIMB Investment Bank Bhd is the principal and financial adviser and sole lead arranger of the IRMBS. while MSCI has chosen Dar Al Istithmar. while S&P screens out advertising and media. 24 – Page 6 Malakoff Crop raised RM 7. vice chair of AFS. reported The Star on 8 May.75 bn by Sukuk and loan stocks for the toll highway that will connect Kajang. The boards do apply a slightly different method in their screening methodology. Cagamas issued second Islamic residential-backed securities (IRMBS). The PK Agency on Regulation and Supervision of financial Market and Organisations (AFS) in Kazakhstan and Islamic Development Bank discussing Islamic securities nominated in KZT in Kazakhstan. trading of gold and silver as cash on deferred basis. was released on 24 April. a joint venture of Deutsche Bank and Oxford Institute. The two issues are rated AA3 and A1 respectively by Rating Agency Malaysia Bhd. Haisan Resources Bhd intends to issue up to RM 200 mn Sukuk Al Ijara. MMC bought Malakoff's business trough its 51 % owned Malakoff Corp Bhd. with tenures of three. wrote Rania Deimezi in Travel Daily News on 2nd May. the lead arranger for the financing facilities. said Gani Uzbekov. reported Makttob on 18 April.kz on 7 May.

Baader Wertpapierhandelsbank received already a green signal from the regulator Bafin. reported Lankabusinessonline on 18 April. Takaful International. Parsoli Corporation Ltd is in talks with local fund houses to offer Islamic funds. Bank Islam Malaysia has launched two Takaful linked saving productst o save for children education expenses.IslamicFinance. India Bank Islam Takaful Int. such as acting as technical advisor for Takaful Kuwait . Emaar. No. reported The Star on 28 April. expects its premiums to slightly exceed its target of RM 200 mn for the year ended March 31. Daman Investments launched its first Sharia compliant mutual fund. for such a fund. Bahrain aims to expand its operations across the Gulf. India Bank Muscat. The premiums get waived in case of death of the contributor. The note offers a minimum annual return of 2 % and a maximum potential annual return of 11 % with exit opportunity twice a month for a flat fee of Dh 250. has reported a 57 % growth in premium collections for 2006 to 679. reported Albawaba on 1 May. Amana Takaful is 15 % owned Syarikat Takaful Malaysia and controlled by 60 % owner. Also an international real estate fund is expected to close at USD 125-150 mn. Malaysia. Kotak Mahindra Asset Management Company plans to raise USD 50-100 mn trough Islamic funds in the Middle East through local partnerships. Takaful Ikhlas Amana Takaful . Takaful Daman UAE fund Emaar Kotak. Takaful Ikhlas.9 mn rupees. The instrument is structured in partnership with ABN Amro. reported Sai Praisan on 7 May in the Financialexpress. marina and luxury residences. is expanding to Indonesia by developing a resort in Lombok with a 7 km waterfront. Bank Muscat is looking at raising a Sharia compliant fund of USD 250 mn from investors in Oman and Dubai in the next 3-6 months to be invested in India. India Parsoli. Parsoli would market the scheme. Amana Investments. reported Khaleej Times on 9 May. reported Gulf Daily News on 30 April.other negotiations going on in UAE and Qatar. nreported Gulf News on 26 April. which focuses on the UAE equity markets. Sri Lanka's Amana Takaful Insurance. More funds are planned in a series. reported Businesstimes on 3 May. Parsoli is giving Sharia Audit and clearance from Islamic scholars and is an Ahmedabad based brokerage firm. reported Economic Times India on 20 April. Project size is USD 600 mn. reported Financialexpress on 9 May. 24 – Page 7 Dubai Islamic Bank launched a 4 year principal protected note with an underlying basked of 10 stocks linked to the water industry.de DIB Water note Executive News 2007. the Sharia compliant real estate developer.

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